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The bank Luminor has granted 4.05 mn EUR to a group of farms running by one family: Riekstiņi, Amatnieki and Grano E SIA. The farms are located in Latgale region, Baltinava. They are engaged in grain crop cultivation, logging and organic farming.
Out of that amount, 1.85 mn EUR with 1 mn EUR guarantee by Altum are intended for building of a drying room for Riekstiņi; 1.65 mn EUR intended for refinancing liabilities of Riekstiņi and Amatnieki; and 550,000 EUR are granted for other needs of Riekstiņi and SIA Grano E.
“Despite the state of emergency, the most of farmers actively continue their work. A goal of Luminor is to support viable companies and economic development that is why we continue to finance local companies to help them grow. We are glad of being able to support the farms which are owned by the enterprising family in Latgale and actively continue working and developing,” said Ilze Zoltnere, manager of Corporate Department at Luminor.
Guntars Bartkevičs, representative of Riekstiņi: “The closest farm’s goals with highest priority are improvement of production effectiveness and quality by using the newest technologies for growing and harvesting of agricultural products. A significant goal of this year is to complete construction of pre-treatment and storage complex. Since production volumes and variety of agricultural products are increasing every year, this investment is very important to the farm's activities in future. The pre-treatment and storage complex will allow to more effectively increase production volumes and to create optimal conditions for storage of agricultural products, thus providing an opportunity to separately store certified seed products, organic and traditional agricultural products. It will also give the following benefits: faster threshing; better quality of crops and higher price of final crop products; smaller logistics costs and more flexible transportation time and opportunity of providing services to the companies Trader.